The WICI Framework Taxonomy is a listing of standardized computer-readable descriptions in XBRL that allows companies to precisely describe the individual pieces of information that are included within their reports. The XBRL standardized descriptions allow computers to automatically search for and assemble these disclosures so they can be readily accessed and analyzed by investors, analysts, journalists, employees, regulators and other company stakeholders.
The WICI Framework Taxonomy includes standardized descriptions of company disclosures that are numeric (e.g. monetary and data disclosures) as well as narrative (e.g. textual descriptions or markets or risks). Further, the WICI Framework Taxonomy enables companies to incorporate calculations or formulas as a method of clearly communicating the nature of Key Performance Indicators in a manner that is clear and highly reusable within third party applications.
XBRL, or eXtensible Business Reporting Language, is a freely available international standard for structuring business reports that is specifically designed to increase the transparency and accessibility of business information by using a uniform format. XBRL neither increases nor decreases the nature or volume of company disclosures, rather makes the information disclosed more accessible and reusable.
The XBRL standard is maintained by XBRL International, an international non-profit consortium of over 700 major companies, organizations, and government agencies around the world. It is an open standard, provided free of license fees, and is being used in countries around the world.